Daily Briefs

Fujitec Co Ltd (6406 JP) has recommended a preconditional tender offer from EQT (EQT SS) at JPY5,700, an 8.1% discount to the last close price of JPY6,205.
The precondition relates to regulatory approvals in several countries. The tender offer is expected to commence in late January 2026.
Although the offer is light, it is likely to succeed, as it resulted from an auction process and was supported by irrevocables from the two prominent activists on the register.

SK Innovation Cleanup: Watch Out for a Classic NAV Compression Play

By Sanghyun Park

Facing tough fundraising, SK avoided a rights issue, opting for a complex deal to limit dilution and ease investor worries.
It all hinges on how the market views SK On’s cleanup plus Enmove’s steady cash flow—SK Innovation looks oversold, making this a decent long setup.
Enmove’s stable earnings boost SK On’s P&L, likely triggering a rerate for SK Innovation and setting up a classic NAV compression trade.

PointsBet (PBH AU): Either Betr Pulls A Rabbit Out Of The Hat, Or Walks

Mixi (2121 JP)‘s A$1.20/share cash Offer is now open, with a 50.1% acceptance condition. PointsBet Holdings (PBH AU) is supportive. Mixi currently holds 25.15%. ~16% of shares out have tendered.
Betr Entertainment (BBT AU) (self-alleged superior) scrip Offer, with no minimum acceptance condition, is still out there. betr holds 19.6%. No shareholder has accepted terms.
PBH has now tapped the Takeover Panel seeking orders betr clarify its convoluted Offer.

StubWorld: Stay Short On GMO Internet (4784 JP); Haw Par Now Even More Stretched

GMO Internet Group (9449 JP) needs to sell shares in GMO Internet (4784 JP) to achieve a “float” of 35% by 31 December 2026. Recent filings show they are selling.
Preceding my comments on the GMO group – and Haw Par Corp (HPAR SP)/ UOB (UOB SP) – are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

A Merger Between SK On and SK Enmove + A Massive 8 Trillion Won in Capital Raise

By Douglas Kim

On 30 July, SK Innovation (096770 KS) announced that it plans to merge its subsidiaries SK On and SK Enmove. The merged company will be launched on 1 November.
SK Group has announced a massive 8 trillion won capital raise plan involving this deal including paid-in capital increase of 2 trillion won for SK Innovation and SK On each.
We provide three major reasons why we are negative on this merger/capital raise.

SK IE Technology – Capital Raise of 300 Billion Won

By Douglas Kim

SK IE Technology (361610 KS) announced that it plans to raise 300 billion won through a third party paid-in capital allocation.
SK IE Technology plans to issue 10.5 million new shares (14.7% of outstanding shares). Expected price of capital raise is 28,600 won (2.1% lower than current price).
We have a Negative View of SK IE Technology as well its plans to raise capital worth 300 billion won.

Bavarian Nordic: Event-Driven Bid with Strategic Block, Bull Case Supports Sweetening

By Jesus Rodriguez Aguilar

Bavarian Nordic’s board recommends a DKK 233/share bid, but ATP’s 10% block and market premium pricing suggest anticipation of a higher offer or strategic alternatives.
The offer undervalues Bavarian Nordic’s scalable platform, outbreak-response contracts, and optionality; a fair value of DKK 255–265 is justified, with a bull case up to DKK 330/share.
Deal spread trades negative as market expects sweetening; low irrevocables and strategic buyer risk suggest asymmetry for long positions with regulatory and ATP dynamics as key catalysts.

PointsBet (PBH AU): Betr Bumps Its Offer, but Is It Superior to Mixi?

BETR Entertainment (BBT AU) has bumped its PointsBet Holdings (PBH AU) offer to 4.219 BBT shares per PBH share. However, the offer’s opening is delayed by the Panel’s interim orders.
Betr expects that the Board will now recommend its offer. However, the Board has several reasons not to deem Betr’s revised proposal as superior to Mixi Inc (2121 JP).
Since 3 June, the average gross spread of the revised Betr offer to the Mixi offer is 3.4%. The logical next step is for Mixi to declare its offer unconditional.

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Jul 31

Daily Brief Australia: PointsBet Holdings , Freelancer Ltd, Novonix , Pureprofile Ltd and more

By Smartkarma Daily Briefs | Australia, Daily Briefs

In today’s briefing:

PointsBet (PBH AU): Either Betr Pulls A Rabbit Out Of The Hat, Or Walks
PointsBet (PBH AU): Betr Bumps Its Offer, but Is It Superior to Mixi?
Freelancer — Foundations in place for volume growth
NVX: Believe Positive Outlook Supported by Provisional Imposition of Anti-Dumping Tariffs on Material Imported From China
Pureprofile Ltd – Q4 delivers on FY25 guidance with 17% revenue growth

PointsBet (PBH AU): Either Betr Pulls A Rabbit Out Of The Hat, Or Walks

Mixi (2121 JP)‘s A$1.20/share cash Offer is now open, with a 50.1% acceptance condition. PointsBet Holdings (PBH AU) is supportive. Mixi currently holds 25.15%. ~16% of shares out have tendered.
Betr Entertainment (BBT AU) (self-alleged superior) scrip Offer, with no minimum acceptance condition, is still out there. betr holds 19.6%. No shareholder has accepted terms.
PBH has now tapped the Takeover Panel seeking orders betr clarify its convoluted Offer.

PointsBet (PBH AU): Betr Bumps Its Offer, but Is It Superior to Mixi?

By Research as a Service (RaaS)

BETR Entertainment (BBT AU) has bumped its PointsBet Holdings (PBH AU) offer to 4.219 BBT shares per PBH share. However, the offer’s opening is delayed by the Panel’s interim orders.
Betr expects that the Board will now recommend its offer. However, the Board has several reasons not to deem Betr’s revised proposal as superior to Mixi Inc (2121 JP).
Since 3 June, the average gross spread of the revised Betr offer to the Mixi offer is 3.4%. The logical next step is for Mixi to declare its offer unconditional.

Freelancer — Foundations in place for volume growth

By Edison Investment Research

Over the last year, Freelancer has optimised its cost base, invested in AI tooling for internal use and to enhance freelancers’ skills, and focused on product quality to improve demand for its services. In H125, revenue was up 8.0% y-o-y even while gross marketplace volume (GMV) was down 2.4%, as the business improved the take rate in Escrow.com and Loadshift. The company was net cash flow positive in H125 and reported a year-on-year increase in adjusted operating profit. With the cost base right-sized and cash being generated at this level of revenue and GMV, we see scope for significant operational leverage if the company can stimulate GMV growth.

NVX: Believe Positive Outlook Supported by Provisional Imposition of Anti-Dumping Tariffs on Material Imported From China

By Zacks Small Cap Research

We believe the expected increased need in North America for critical materials, including anode, is a key factor behind the non-dilutive funding the company has been able to obtain from the DOE, Canada Industrial Research Assistance Program and other sources, as NVX moves forward with the construction of a 2nd Tennessee plant.
Production capacity of its existing Riverside plant has been pre-sold via multiple offtake agreements and NVX plans to construct a 2nd facility in the state, recently obtaining approval and expected tax credits toward this project.
NVX has secured additional liquidity, recently entering into a funding agreement for up to US$100m convertible debentures with Yorkville Advisors Global.

Pureprofile Ltd – Q4 delivers on FY25 guidance with 17% revenue growth

Pureprofile Ltd (ASX:PPL) is a data analytics and consumer insights company underpinned by proprietary technology, servicing business decision makers in brands and media companies as well as market researchers.
Pureprofile has reported unaudited results for FY25 including revenue growth of 19% to $57.2m (including 17% growth in Q4) and an 18% uplift in EBITDA to $5.2m, both measures within the company’s FY25 guidance range for FY25 revenue to fall between $57m and $58m and for EBITDA, excluding significant items, to be between $5.2m to $5.8m (company release 28 January).
FY25 revenue and EBITDA were a little behind our forecast for $58.0m and $5.7m respectively but also included the absorption of a $0.15m forex loss and a similar investment in the new Platform solutions rolled out at the end of Q4.

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Jul 31

Daily Brief Macro: Activity’s Tariff Hangover In Q2 and more

By Smartkarma Daily Briefs | Daily Briefs, Macro

In today’s briefing:

Activity’s Tariff Hangover In Q2
CX Daily: China’s Surging Auto Sales Mask an Industry in Crisis
Canada: Policy Rate Held At 2.75% (Consensus 2.75%) in Jul-25

Activity’s Tariff Hangover In Q2

By Phil Rush

GDP growth broadly beat expectations again in Q2 on both sides of the tariff disruption. Euro area growth slowed by less, while the US rebounded vigorously.
Temporal distortions to demand didn’t open up slack as European supply growth stays stagnant. Surveys suggest it won’t appear in Q3 either as demand growth rebounds.
Underlying US GDP growth may have slowed, but the extent is modest and questionable. Rolling resilience should keep delaying rate cuts, preventing them from occurring.

CX Daily: China’s Surging Auto Sales Mask an Industry in Crisis

By Caixin Global

Autos / In Depth: China’s surging auto sales mask an industry in crisis
Temple /: Faith, greed, and power: The unraveling of the Shaolin kingdom
Ports /: Cosco tipped to join revamped bid for CK Hutchison’s global ports

Canada: Policy Rate Held At 2.75% (Consensus 2.75%) in Jul-25

By Heteronomics AI

The Bank of Canada held its policy rate at 2.75% as expected, but disappointed dovish expectations. The decision reflects competing inflation and growth pressures.
Underlying inflation has risen to 2.5-3.0%, remaining well above the 2% target due to persistent cost pressures. This has shifted the Bank’s priority toward price stability over accommodation.
Future rate cuts require both economic deterioration and contained tariff-related cost pressures. The Bank’s scenario-based approach reflects unprecedented trade policy uncertainty.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

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Jul 31

Daily Brief Equity Bottom-Up: Denso (6902) Buys Large Rohm (6963 JP) Stake – Register Gets Squeezier and more

By Smartkarma Daily Briefs | Daily Briefs, Equity Bottom-Up

In today’s briefing:

Denso (6902) Buys Large Rohm (6963 JP) Stake – Register Gets Squeezier
Magnificent 7: Global Fund Positioning Update
Initiation of A Container Port Terminal Product
Asian Equity: Changes to Model Portfolio: Korea, HK/CN Overweight. India Neutral; ASEAN Underweight
HDFC Bank (“HDFCB”): Separating the Wheat from the Chaff
Hyperscalers 2Q25: Revenue Growth Accelerates, Cloud Revenues Accelerate, Capex Higher
MTK 2Q25: Inline but Positive One-Off. Weak 3Q with Revenue Decline QoQ and Margins Compression.
Hon Hai(2317.TT): Form Strategic Alliance Via Share Swap with TECO (1504) For Global AI Data Center
Don Quijote: Fitness, Tourists and Social Media
Oisix Update: New Lines of Convenience Deli Selling Well

Denso (6902) Buys Large Rohm (6963 JP) Stake – Register Gets Squeezier

By Travis Lundy

Today after the close, a Nikkei article said Denso Corp (6902 JP) had recently lifted its stake in ROHM Co Ltd (6963 JP) from “about 0.3%” to “just under 5%.”
Given the recent buy of 28mm shares of Rohm into the Nikkei 225, that means ~11.5% or perhaps more has been taken out of the public’s hands.
Some may have come from cross-holders, but it’s not clear there are that many. This renders the stock more squeeze-able going forward. Rohm reports next week.

Magnificent 7: Global Fund Positioning Update

By Steven Holden

Magnificent 7 positioning remains elevated across global funds, but momentum has clearly stalled, with recent activity pointing to consolidation rather than renewed conviction buying.
Growth and GARP funds are near fully allocated, while Value and Yield managers remain structurally underweight— potentially limiting the potential for broad-based participation from here.
Microsoft leads with cross-style appeal; Tesla lags with minimal support. Apple is the conviction underweight, while NVIDIA’s benchmark surge has left it at a record active underweight.

Initiation of A Container Port Terminal Product

By Sameer Taneja

This is a short insight, informing readers that we intend to initiate a container port terminal product, following our recent initiation on Asian Terminals (ATI PM)
This product will be followed by initiations on high-quality companies like Westports Holdings (WPRTS MK) / ICTSI (ICT PM) / Port of Tauranga (POT NZ), etc, and a monthly screen.
In this insight, we will highlight our rationale for introducing this product and outline the screening metrics for companies.

Asian Equity: Changes to Model Portfolio: Korea, HK/CN Overweight. India Neutral; ASEAN Underweight

By Manishi Raychaudhuri

Since inception on May 15, our Model Portfolio (up 6.2%) underperformed the MSCI Asia-ex-Japan index (up 7.87%) due to underperforming stock picks in India, ASEAN and China consumer proxies.
The main themes: China’s changing consumption and investment patterns, Korea’s improving corporate governance, continuing global infrastructure investments and India’s earnings disappointment. Korea, HK/China remain overweight; India is downgraded to Neutral.
We exclude Meituan, Titan, Infosys, Bharat Dynamics, Krafton. We include Laopu Gold, Lonking Holdings, China Hongqiao, AIA and Hyundai Engineering and Construction. We are now Neutral Industrials and Underweight Technology.

HDFC Bank (“HDFCB”): Separating the Wheat from the Chaff

By Ankit Agrawal, CFA

The stress periods are the times when the mettle of the best gets tested. We are in such a period and HDFCB has remained unscathed.
Even Bajaj Finance, which is also rated gold-standard in underwriting and risk management, noted issues with asset quality in the current environment, however, HDFCB’s asset quality has remained pristine.
HDFCB’s retail NPA ex-Agri has been steady at 0.82%. While HDFCB’s competitors have provided a cautious outlook, especially in unsecured loans, HDFCB has provided a stable outlook on asset quality.

Hyperscalers 2Q25: Revenue Growth Accelerates, Cloud Revenues Accelerate, Capex Higher

By Nicolas Baratte

Google: increased 2025 Capex ($75bn -> 85bn). Capex will increase in 2026. Higher capex is justified by “strong demand for Cloud products and services“.
Meta: last quarter increased 2025 Capex ($62.5bn -> 68bn). This quarter, more modest $1bn increase to $69bn. Meta expects “another year of similarly significant capital expenditures dollar growth in 2026”.
Microsoft: FY26 Capex growth will moderate compared to FY25 (FY25 Capex increased 58% YoY).

MTK 2Q25: Inline but Positive One-Off. Weak 3Q with Revenue Decline QoQ and Margins Compression.

By Nicolas Baratte

Q25: inline with a GP one-off. 3Q25: FX impact but still revenue decline QoQ. Add margins compression and 3Q guidance is a large miss: OP -20% below Consensus.
Management continues to provide very bullish “indications” on growth from 2026-27: AI ASIC, collaboration with Nvidia, Automotive. Multiple analysts questions on risk of hyperscalers projects delayed or cancelled.
Mediatek is entering very large markets (AI ASIC, Auto) that will provide new growth beyond the exhausted Mobile market. You want to buy into this after a ~20% correction.

Hon Hai(2317.TT): Form Strategic Alliance Via Share Swap with TECO (1504) For Global AI Data Center

By Patrick Liao

Hon Hai Precision Industry (2317 TT) and Teco Electric & Machinery (1504 TT) held a joint press conference this afternoon to announce the formation of alliance through a share swap.
Teco (1504) TT and Hon Hai (2317 TT) stated their target markets extend beyond Taiwan and Asia, to include substantial business opportunities in the U.S. and the Middle East.
Foxconn Chairman Mr. Young Liu also noted that as AI data centers scale up rapidly and demand surges, modular design is increasingly favored.

Don Quijote: Fitness, Tourists and Social Media

Don Quijote announced a slew of initiatives over the past two months targeting tourists, a move to capitalise on the burgeoning fitness boom, and new social media use.
The initiatives reflect the continued dynamism in the business both in the discount format and as city centre tourist meccas.
While the company has closed some overseas stores, the outlook in Asia remains very strong.

Oisix Update: New Lines of Convenience Deli Selling Well

Oisix was originally known for its food subscription boxes but then expanded into meal kits which brought in a new type of customer looking to save time.
But with more busy and stressed customers no longer wanting to even spend 20 minutes cooking its meal kits, Oisix has launched 5-minute deli meals.
Oisix remains the leading independent online food retailer and the most innovative. While subscriber numbers fell recently, sales per user are up.

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Jul 31

Daily Brief India: Max Healthcare Institute, HDFC Bank, NSDL, Milky Mist Dairy Food Ltd, Executive Centre India Ltd, Gujarat Inds Power and more

By Smartkarma Daily Briefs | Daily Briefs, India

In today’s briefing:

Quiddity Leaderboard NIFTY Sep25: Reference Period About to End; Some Changes to Expectations
HDFC Bank (“HDFCB”): Separating the Wheat from the Chaff
NSDL – New Management, Revised Strategy — The Battle for Market Share Continues
Milky Mist Dairy Food Ltd Pre-IPO Tearsheet
Executive Centre India Ltd Pre-IPO Tearsheet
The Beat Ideas: GIPCL’s Strategic Shift – A New Dawn for Gujarat’s Energy Sector

Quiddity Leaderboard NIFTY Sep25: Reference Period About to End; Some Changes to Expectations

By Janaghan Jeyakumar, CFA

NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.
In this insight, we take a look at the names leading the race to become ADDs/DELs for these indices during the September 2025 index rebal event.
We see two changes for NIFTY 50 and five changes for NIFTY 100 based on current data. We see US$1.2bn a side to trade.

HDFC Bank (“HDFCB”): Separating the Wheat from the Chaff

By Ankit Agrawal, CFA

The stress periods are the times when the mettle of the best gets tested. We are in such a period and HDFCB has remained unscathed.
Even Bajaj Finance, which is also rated gold-standard in underwriting and risk management, noted issues with asset quality in the current environment, however, HDFCB’s asset quality has remained pristine.
HDFCB’s retail NPA ex-Agri has been steady at 0.82%. While HDFCB’s competitors have provided a cautious outlook, especially in unsecured loans, HDFCB has provided a stable outlook on asset quality.

NSDL – New Management, Revised Strategy — The Battle for Market Share Continues

By Sreemant Dudhoria,CFA

This insight describes about NSDL (NSDL IN) ‘s complete overhaul in top management team over the last 12 months.
The mandate for new team is to arrest the market share loss with new age/ discount brokers. The revised strategy seems to be working.
The IPO provides investors a front-row seat opportunity to witness this turnaround.

Milky Mist Dairy Food Ltd Pre-IPO Tearsheet

By Rosita Fernandes

Milky Mist Dairy Food Ltd (1023949D IN) (MMDFL) is looking to raise about US$237m in its upcoming India IPO. The bookrunners for the deal are Axis, JM Fin and IIFL.
MMDFL is a value-added dairy and packaged food manufacturer focused on premium products such as paneer, cheese, curd, yogurt, UHT milk, and frozen RTE/RTC foods.
MMDFL is the fastest-growing packaged food firm in India among those with revenue above INR15,000m, having achieved a revenue CAGR of 29.82% from FY23-25, as per 1Lattice Report.

Executive Centre India Ltd Pre-IPO Tearsheet

By Rosita Fernandes

Executive Centre India Ltd (2026075D IN) (ECIL) is looking to raise about US$300m in its upcoming India IPO. The bookrunners for the deal are Kotak and ICICI.
ECIL leases Grade A office spaces and converts them into premium flexible workspaces, catering to MNCs, SMEs, and other entities across various sectors and industries.
As per Kantar Brand Study, it was recognised for offering high-end services in the premium flexible workspace segment across India, Singapore, the Middle East, and Asia in FY25.

The Beat Ideas: GIPCL’s Strategic Shift – A New Dawn for Gujarat’s Energy Sector

By Sudarshan Bhandari

GIPCL is executing a 2,375 MW renewable energy park at Khavda, marking a major shift from thermal to green energy.
This transition is expected to improve EBITDA margins through lower operating costs and recurring O&M income.
The shift enhances long-term visibility and positions GIPCL as a key player in Gujarat’s clean energy future, boosting investor confidence.

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Jul 31

Daily Brief Indonesia: PT Petrindo Jaya Kreasi Tbk, Criterium Energy, Nickel Industries and more

By Smartkarma Daily Briefs | Daily Briefs, Indonesia

In today’s briefing:

Petrindo Jaya Kreasi (CUAN IJ): Potential Global Index Inclusion & The Risks
Criterium Energy Ltd (TSX-V: CEQ): On track for first gas in 1Q26
Lucror Analytics – Morning Views Asia

Petrindo Jaya Kreasi (CUAN IJ): Potential Global Index Inclusion & The Risks

By Brian Freitas

PT Petrindo Jaya Kreasi Tbk (CUAN IJ) could be added to a global index in August but there are multiple risks for the stock.
PT Petrindo Jaya Kreasi Tbk (CUAN IJ) trades at significantly higher multiples compared to its peers and the recent price spike raises the risk of addition to the UMA list.
PT Petrindo Jaya Kreasi Tbk (CUAN IJ) has outperformed its peers and positioning is big, raising the risk of the stock moving lower over the next few weeks.

Criterium Energy Ltd (TSX-V: CEQ): On track for first gas in 1Q26

By Auctus Advisors

• The MGH-20 well in the North Mengoepeh (MGH) field tested 2.8 mmcf/d with associated oil.
This is a positive surprise as there are currently no estimated resources at the field that was shut in in 2014.
• Following the extended well test at SE-MGH, Criterium plans to initiate extended testing on MGH-20 and three additional shut-in wells on the North MGH well pad.

Lucror Analytics – Morning Views Asia

By Trung Nguyen

In today’s Morning Views publication we comment on developments of the following high yield issuers: Nickel Industries
UST yields declined meaningfully yesterday, supported by a strong auction of 7Y notes and following a weaker than expected June JOLTS report. In addition, investors may have moved to lock in yields ahead of the Treasury Department’s refunding announcement and FOMC rate decision today.
The UST curve bull-flattened, with the yield on the 2Y UST falling 6 bps to 3.87%, while the yield on the 10Y UST was down 9 bps at 4.32%. Equities retreated from record-high levels. The S&P 500 snapped a six-day winning streak, declining 0.3% to 6,371.

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Jul 31

Daily Brief Japan: ROHM Co Ltd, Fujitec Co Ltd, GMO Internet, Pan Pacific International Holdings, Oisix ra daichi, Strike, Kokuyo Co Ltd, Paramount Bed Holdings Co Lt, TSE Tokyo Price Index TOPIX, Astellas Pharma and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

Denso (6902) Buys Large Rohm (6963 JP) Stake – Register Gets Squeezier
Fujitec (6406 JP): EQT’s Takeunder Likely a Done Deal
StubWorld: Stay Short On GMO Internet (4784 JP); Haw Par Now Even More Stretched
Don Quijote: Fitness, Tourists and Social Media
Oisix Update: New Lines of Convenience Deli Selling Well
Strike (6196 JP): Q3 FY09/25 flash update
Kokuyo Co Ltd (7984 JP): 1H FY12/25 report update
Paramount Bed Holdings Co Lt (7817 JP): Q1 FY03/26 flash update
Is Progressive Dividend Distribution the Result of Half-Baked Cash Allocation?
Astellas Pharma (4503 JP): Strategic Brands Drive Q1 Result; Positive Momentum to Continue

Denso (6902) Buys Large Rohm (6963 JP) Stake – Register Gets Squeezier

By Travis Lundy

Today after the close, a Nikkei article said Denso Corp (6902 JP) had recently lifted its stake in ROHM Co Ltd (6963 JP) from “about 0.3%” to “just under 5%.”
Given the recent buy of 28mm shares of Rohm into the Nikkei 225, that means ~11.5% or perhaps more has been taken out of the public’s hands.
Some may have come from cross-holders, but it’s not clear there are that many. This renders the stock more squeeze-able going forward. Rohm reports next week.

Fujitec (6406 JP): EQT’s Takeunder Likely a Done Deal

Fujitec Co Ltd (6406 JP) has recommended a preconditional tender offer from EQT (EQT SS) at JPY5,700, an 8.1% discount to the last close price of JPY6,205.
The precondition relates to regulatory approvals in several countries. The tender offer is expected to commence in late January 2026.
Although the offer is light, it is likely to succeed, as it resulted from an auction process and was supported by irrevocables from the two prominent activists on the register.

StubWorld: Stay Short On GMO Internet (4784 JP); Haw Par Now Even More Stretched

GMO Internet Group (9449 JP) needs to sell shares in GMO Internet (4784 JP) to achieve a “float” of 35% by 31 December 2026. Recent filings show they are selling.
Preceding my comments on the GMO group – and Haw Par Corp (HPAR SP)/ UOB (UOB SP) – are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

Don Quijote: Fitness, Tourists and Social Media

Don Quijote announced a slew of initiatives over the past two months targeting tourists, a move to capitalise on the burgeoning fitness boom, and new social media use.
The initiatives reflect the continued dynamism in the business both in the discount format and as city centre tourist meccas.
While the company has closed some overseas stores, the outlook in Asia remains very strong.

Oisix Update: New Lines of Convenience Deli Selling Well

Oisix was originally known for its food subscription boxes but then expanded into meal kits which brought in a new type of customer looking to save time.
But with more busy and stressed customers no longer wanting to even spend 20 minutes cooking its meal kits, Oisix has launched 5-minute deli meals.
Oisix remains the leading independent online food retailer and the most innovative. While subscriber numbers fell recently, sales per user are up.

Strike (6196 JP): Q3 FY09/25 flash update

By Shared Research

Revenue increased to JPY14.4bn (+8.8% YoY) with operating profit at JPY4.1bn (-17.6% YoY) and net income JPY2.9bn (-13.8% YoY).
Strike closed 192 M&A deals (+4.9% YoY) with revenue per deal at JPY75.2mn (+3.7% YoY).
SG&A expenses rose 19.7% YoY to JPY4.3bn, increasing the SG&A ratio to 29.7% (+2.7pp YoY).

Kokuyo Co Ltd (7984 JP): 1H FY12/25 report update

By Shared Research

KOKUYO’s revenue increased by 3.5% YoY, driven by strong demand in the Furniture business for office relocations and renovations.
Operating profit rose by 11.1% YoY due to price revisions, while recurring profit declined by 3.0% YoY from foreign exchange losses.
The full-year forecast for FY12/25 was revised, projecting revenue of JPY357.0bn and operating profit of JPY25.0bn.

Paramount Bed Holdings Co Lt (7817 JP): Q1 FY03/26 flash update

By Shared Research

In Q1 FY03/26, the company reported YoY declines in revenue and profit, with revenue at JPY22.3bn (-3.8% YoY).
The company achieved 19.7% of its full-year FY03/26 revenue target, maintaining its initial forecast despite Q1 shortfall.
Domestic revenue was JPY20.5bn (-1.8% YoY), while overseas revenue was JPY1.7bn (-23.2% YoY).

Is Progressive Dividend Distribution the Result of Half-Baked Cash Allocation?

By Aki Matsumoto

Companies that previously paid lower dividends compared to their cash on hand often adopt DOE or progressive dividends. In other words, they have too much cash on hand.
Both DOE and progressive dividends would suggest that management of free cash flow solely lies with the company, and that only cash exceeding a certain level is returned to shareholders.
Setting a predetermined limit on the allocation of free cash flow may hinder more dynamic cash flow allocation and risk-taking, resulting in limited shareholder returns.

Astellas Pharma (4503 JP): Strategic Brands Drive Q1 Result; Positive Momentum to Continue

By Tina Banerjee

Astellas Pharma (4503 JP) reported 7% revenue growth in Q1FY26. Strategic brands grew 49% and contributed 22% of revenue. Driven by cost optimization, core operating profit increased 61%.
Astellas reiterated FY26 guidance of 1% revenue growth and 5% core operating profit increase. Q1FY26 progress enhance conviction on comfortably meet FY26 guidance.
With no near-term new launches anticipated for Astellas, performance of the strategic brands in existing markets as well as their indication and geography expansions should be the key drivers.

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Jul 31

Daily Brief United States: Microsoft Corp, Otis Worldwide , Meta, Las Vegas Sands, Hilton Worldwide Holdings , Netflix Inc, Health In Tech, Graco Inc, Alphabet and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

Magnificent 7: Global Fund Positioning Update
Hyperscalers 2Q25: Revenue Growth Accelerates, Cloud Revenues Accelerate, Capex Higher
Otis Worldwide Just Unlocked a $40M Transformation Plan in China—How It’s Fighting Price Pressure!
META Profit Target UPDATED (Pre-Earnings July 30th)
Las Vegas Sands Corporation: Unlocking New Luxury Demand with Strategic Market Repositioning!
Hilton Worldwide Holdings: Strategic Brand Diversification to Enhance Network Effects…
Netflix Is Crushing It Globally—Why Wall Street Still Isn’t Impressed?
HIT: Strong Momentum
Graco Inc.: Initiation of Coverage- Setting Its Sights on Housing Boom with High-Stakes Growth Bet!
Alphabet Just Shocked Wall Street with Its AI Surge — But at What Cost?

Magnificent 7: Global Fund Positioning Update

By Steven Holden

Magnificent 7 positioning remains elevated across global funds, but momentum has clearly stalled, with recent activity pointing to consolidation rather than renewed conviction buying.
Growth and GARP funds are near fully allocated, while Value and Yield managers remain structurally underweight— potentially limiting the potential for broad-based participation from here.
Microsoft leads with cross-style appeal; Tesla lags with minimal support. Apple is the conviction underweight, while NVIDIA’s benchmark surge has left it at a record active underweight.

Hyperscalers 2Q25: Revenue Growth Accelerates, Cloud Revenues Accelerate, Capex Higher

By Nicolas Baratte

Google: increased 2025 Capex ($75bn -> 85bn). Capex will increase in 2026. Higher capex is justified by “strong demand for Cloud products and services“.
Meta: last quarter increased 2025 Capex ($62.5bn -> 68bn). This quarter, more modest $1bn increase to $69bn. Meta expects “another year of similarly significant capital expenditures dollar growth in 2026”.
Microsoft: FY26 Capex growth will moderate compared to FY25 (FY25 Capex increased 58% YoY).

Otis Worldwide Just Unlocked a $40M Transformation Plan in China—How It’s Fighting Price Pressure!

Otis Worldwide Corporation’s second-quarter 2025 earnings report presents both strengths and challenges impacting its investment potential.
A key positive for Otis is its Service segment, which continues to drive significant performance improvements.
Service sales were up 4% organically, with all business lines and regions contributing to growth.

META Profit Target UPDATED (Pre-Earnings July 30th)

By Nico Rosti

Meta (META US) will report its earnings today July 30th, after the Close.
If the earnings are positive, we predict a rally that could last up to 3 weeks and bring Meta (META US) at 758, above its recent all time high peaks.
The rally could last up to 3 weeks – this is a short-term tactical forecast, it doesn’t offer a view of where the stock could be several weeks from now.

Las Vegas Sands Corporation: Unlocking New Luxury Demand with Strategic Market Repositioning!

Las Vegas Sands Corporation’s latest earnings report offers a mixed yet intriguing view into the company’s operational performance, focusing on their flagship properties in Macau and Marina Bay Sands in Singapore.
The highlights of the earnings call indicate an exceptional quarter for Marina Bay Sands, posting a record quarterly EBITDA of $768 million.
This reflects significant growth propelled by mass gaming, which reached $843 million – a stark increase of 97% from Q2 2019 and 40% higher year-on-year.

Hilton Worldwide Holdings: Strategic Brand Diversification to Enhance Network Effects…

Hilton’s latest financial performance in the second quarter of 2025 showcases both strengths and challenges within the company.
The firm reported an Adjusted EBITDA exceeding $1 billion, surpassing expectations despite facing challenges such as modestly negative system-wide RevPAR and shifting holiday schedules that impacted business transient RevPAR negatively by 2%.
The leisure transient sector, however, showed resilience with a 1% increase, bolstered by extended spring break periods.

Netflix Is Crushing It Globally—Why Wall Street Still Isn’t Impressed?

Netflix shares dropped 5.1% despite beating earnings expectations and raising full-year guidance—a reminder that strong results don’t always satisfy a market pricing in perfection.
The stock is up 36% in 2025 and trades at 44 times forward earnings, just below a three-year high.
While the selloff may have stemmed from revenue gains partially driven by foreign exchange effects rather than robust U.S. growth, the underlying business performance remains solid.

HIT: Strong Momentum

By Zacks Small Cap Research

As it executes its strategy to continue to expand its reach and distribution, HIT has added many new distribution partnerships, including with large players such as leading pharmacy benefit manager (PBM) MedImpact subsidiary, Verdegard Administrators, and Hilb Group, which ranks among the top 25 U.S. insurance brokers, among others.
Moreover, HIT is preparing to launch AI-powered solutions for mid-sized and larger businesses later in 2025 and is optimistic about the prospects, based on interest it has generated to-date.
Concurrently, HIT continues to serve and expand its offerings for the small- to medium enterprise (SME) market.

Graco Inc.: Initiation of Coverage- Setting Its Sights on Housing Boom with High-Stakes Growth Bet!

Graco Inc.’s latest financial results outline a multifaceted performance with a mix of positive and challenging developments.
In the second quarter, Graco reported sales of $572 million, marking a 3% increase from the same period last year.
However, this growth was driven by acquisitions contributing 6%, while organic sales declined by 3%.

Alphabet Just Shocked Wall Street with Its AI Surge — But at What Cost?